Unlike home equity loans, which require lump sum borrowing amounts, HELOCs allow you to borrow in lesser amounts so that you're only borrowing what you need when you need it.
A loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, or other entities in finance. The recipient incurs a debt and is typically required to pay interest on that debt until it is repaid, in addition to repaying the principal amount borrowed.
A loan is a type of debt that an individual or other entity incurs. The lender, who is typically a corporation, financial institution, or government, advances money to the borrower. In exchange, the borrower agrees to a set of terms, which may include finance charges, interest, a repayment date, and other conditions.
To know more about loans follow the link:
https://brainly.com/question/26011426
#SPJ4
